PHOENIX — GlyEco Inc. announced that the company has closed on $3.4 million in funding to be used for strategic growth initiatives, including asset purchase of six glycol recyclers, initial plant expansion and upgrades, and Phase I implementation of its patent-pending GlyEco Technology™.

GlyEco said it is aggressively buying capacity to meet customer needs in an underserved market. The company stated that the use of its glycol recycling technology will improve product quality to meet ASTM Type 1 standards — indistinguishable from refinery grade materials. This technology will allow the company to offer waste glycol recycling services to additional industries, including HVACR. According to GlyEco, the majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.

GlyEco noted that recycling waste glycols presents a solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery produced ethylene glycol is over 5.5 billion gallons per year and climbing. With proper handling, the company said glycols can be recycled and reused indefinitely.